KARACHI: Habib Bank (HBL) has entered the microfinance banking segment by acquiring a majority shareholding in Pakistan’s third largest microfinance bank in terms of the value of savings, according to a regulatory filing by the country’s biggest commercial bank on Thursday.
Although the stock notice did not mention the value of the transaction, the consolidated annual report of HBL for 2015 shows the bank had offered to purchase 50.51% of the shareholding of First MicroFinance Bank (FMFB) at a consideration of Rs2 billion. The transaction had already received approval from shareholders at the annual general meeting held on March 27, 2015.
